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The Treasury Department advised Congress last week that the government is expected to reach its debt limit on January 19. After that, Treasury will be required to take “extraordinary me...
The Delaware Bankruptcy Court in Bayside Capital Inc. v. TPC Group Inc. offers a counterpoint to TriMark by holding that a “sacred right” provision in an indenture, which required the...
In light of the global transition away from interbank offered rates, the CFTC has proposed amendments to its list of interest rate swaps subject to mandatory clearing to remove swaps refe...
The Federal Reserve has opened the Main Street Lending Program to nonprofits. Main Street loans are complicated, and the fact that Main Street’s nonprofit lending facilities were bolted...
We have updated our memo on the legal architecture of the Main Street Program to reflect the expansion of the program and the revised program documents that the Federal Reserve announced ...
It is back to the future. Federal Reserve Chairman Powell pledged last night to fight the impact of the coronavirus (COVID-19) by using the “full range of tools” available to support ...
On Friday, December 6, 2019, New York Governor Andrew M. Cuomo signed legislation enacting the Uniform Voidable Transactions Act (“NY UVTA”) and repealing Article 10 (§§ 270-281) of...
A key feature of many modern credit agreements is an “incremental” or “accordion” provision, which can allow a borrower to increase the aggregate amount of financing available und...
In a typical “term loan B” (TLB) financing, the initial lenders expect to distribute the TLB paper to investors prior to funding. But what happens when that expectation cannot be met,...
LIBOR is expected to be phased out by 2021 but US corporates continue to issue LIBOR-based floating-rate notes (FRNs). Although the defined term “LIBOR” in FRN indentures typically in...